Ivo Cerckel

The Iranian Oil Bourse: A Bourse with No Basis

The mystery concerning the Bourse remains complete.

Indeed, we do not know in which currency oil is being traded on the Bourse.
Some sources say it’s the Iranian rial.
Others say it’s the Russian ruble.
What if it was gold (which is no longer available in Fort Knox)?

The dollar did therefore not suffer on Monday nor Tuesday morning in Sydney. (1)

As Iran and Russia can however rid the world of the dollar's slavery (2),
the Los Angeles Times said on Tuesday that the dollar is suffering in China (3)

"The dollar rally on Monday turned out to be a one-day wonder, as currency markets shifted their focus back to the risks of the U.S. economy," wrote Boris Schlossberg, senior strategist at DailyFX. (4)

Gold left for da moom!

We watch this new gold market together, yes?
Thank You
Another
6/29/98 ANOTHER (THOUGHTS!) (5)

Ivo Cerckel
blogs.siliconindia.com.../

ENDNOTES

(1)
Forex - US dollar higher on short-covering
www.hemscott.com/news/...)

(2)
Sunday, February 17, 2008
www.iranmania.com/News... irs
LONDON, February 17 (IranMania) - Iran's Ambassador to Moscow said Iran and Russia, as major energy suppliers, can rid the world of US dollar's slavery by promoting oil and gas deals using different currencies, IRNA reported.)

(3)
A sinking feeling for the dollar in China
By Don Lee, Los Angeles Times Staff Writer
February 19, 2008
www.latimes.com/busine...)

(4)
Dollar pressured by U.S. economy fears
Last update: 5:03 p.m. EST Feb. 19, 2008
www.marketwatch.com/ne...

(5)
www.usagold.com/goldtr...

The Iranian Oil Bourse: A Bourse with No Basis

A sinking feeling for the dollar in China
By Don Lee, Los Angeles Times Staff Writer
February 19, 2008

www.latimes.com/busine...

SNIP

He Bin, manager of Zhejiang Hexin Toy Co., an export company based in Zhejiang province, collects about $1 million in U.S. dollars every month from his overseas customers. As recently as 2006 -- when the yuan appreciated just 3.25% over the entire year against the dollar -- he didn't worry about quickly converting that money to yuan. His finance department usually went to the foreign currency section once a month. He figured any extra dollars in hand could be used to buy imported materials.

"But nowadays, if we get the money in the morning, we go to the bank and convert it in the afternoon," he said, adding that he faced an even bigger headache when it came to negotiating orders.

"Just a couple days ago, one Japanese client ordered 280,000 wooden toys from us, over $500,000 in U.S. dollars or about 4 million renminbi. . . . But the products aren't due until June and July this year. And they want us to sign the contract in U.S. dollars," he said. "It's very likely that we won't be able to make any money."

"I wish I could only be paid in renminbi and get rid of my U.S. dollars as soon as possible."

The Iranian Oil Bourse: A Bourse with No Basis

And what is the basis which would allow the dollar to still carry heft?

Is there any gold left in Fort Knox?

Contrast this to the euro for example, whose manager, the European Central Bank, marks its gold reserves to market on a quarterly basis.

Ivo Cerckel
blogs.siliconindia.com...